MedMira Inc. (TSXV:MIR) unveiled its financial results for the quarter ending October 31, 2022, revealing a period of strong growth and increased profitability. The Halifax-based company has experienced a marked increase in sales and revenues, highlighting its ongoing success in the industry.
Corporate Update Summary
In the first quarter of 2023, MedMira continued to focus on its COVID-19 and STI product lines while introducing a revolutionary quantitative diagnostic system – MiROQ. This disruptive technology, built on the foundation of Rapid Vertical Flow (RVF) Technology®, has given the company a significant advantage in the quantitative diagnostic market. In Q1 FY2023, MedMira received the CE mark for its VYRATM COVID-19 antigen test and launched it in Europe through key distribution partners. Moreover, the Company was granted an additional CE mark to be announced in January 2023 and an Investigational Testing Application (ITA) to initiate clinical trials for its Reveal® TP (Syphilis) rapid test in early 2023.
MedMira has just unveiled its game-changing VYRATM TriDemic Antigen Rapid Test, designed to tackle the rising infection rates of Respiratory Syncytial Virus (RSV) and provide a reliable multiplex testing solution. Utilizing its RVF Technology®, this four-in-one test can distinguish between SARS-CoV-2, Influenza and RSV in an instant, helping to quickly diagnose and treat those exhibiting similar symptoms such as fever, cough and congestion. Q1 FY2023 marks a major milestone in MedMira’s fight against infectious diseases!
Profit and Loss Highlights
- The Company experienced a dramatic decrease in revenue in the first quarter of FY2023, with a total of $120,770 compared to the $202,161 earned in the same period the previous year. The decline was primarily due to a drop in service revenue.
- The Company saw an impressive increase in gross profit for Q1 FY2023, achieving a total of $98,267, compared to only $24,693 in Q1 FY2022. This growth is indicative of a positive business trend that bodes well for the company’s future.
- The Company saw an increase in operating expenses for Q1 FY2022, reaching $596,154 compared to $413,737 in the previous quarter. This rise was mainly caused by the expenditure related to obtaining additional regulatory permission and product development efforts.
- The Company experienced a dip in profitability this period, recording a net loss of $632,449 compared to the $489,009 net loss in the same period the previous year.
Balance Sheet Highlights
- The Company experienced a dramatic dip in its assets of $52,808 between Q4 FY2022 and Q1 FY2023, largely attributed to a decline in income tax receivables.
- The Company saw a notable increase in its liabilities of $579,641 between the fourth quarter of FY2022 and the first quarter of FY2023. This 2% rise in current liabilities was mainly attributed to an increase in deferred revenue and interest payables of $255,101.
- Loans in default saw a modest increase of less than 1% this quarter, rising by a total of $2,180.
- The Company has seen a 2% increase in its working capital deficit this quarter, totaling $256,005. This is a stark contrast to last quarter’s figures and serves as a reminder of the need for sound financial management.
The Company’s financial statements and management’s discussion and analysis can be found on its SEDAR profile. To further understand any matters of going concern, please refer to the Auditor’s Emphasis of Matter statement in the 2020 Auditors Report and note 2b in the audited financial statements, both of which are also available on SEDAR.
MedMira is the revolutionary developer and owner of Rapid Vertical Flow (RVF)® Technology. Their innovative tests provide instant diagnosis for diseases such as HIV and hepatitis C with just three simple steps, making diagnosis easier and faster than ever. Their tests, sold under the Reveal®, Multiplo® and Miriad® brands, can be found in hospitals, labs, clinics, and homes worldwide. MedMira’s corporate offices and manufacturing facilities are located in Halifax, Nova Scotia, Canada, with a sales and customer service office in the United States for easy access. With MedMira, you can be sure you’re receiving the latest and greatest diagnostic solutions.